60 Orange St. in Bloomfield — Courtesy: JLL
By Joshua Burd
A real estate investment trust has sold a triple-net-leased Home Depot property in Bloomfield for more than $16 million, under a newly completed transaction by JLL.
Brokers with the firm represented the seller, Acadia Realty Trust, in its disposition of the 128,715-square-foot property at 60 Orange St. The buyer, Benderson Development, is a large privately held real estate firm based in University Park, Florida.
JLL Senior Managing Director Jose Cruz, Director J.B. Bruno, Senior Managing Director Kevin O’Hearn, senior directors Michael Oliver and Steve Simonelli and Analyst Jordan Altman brokered the $16.4 million sale. In announcing the deal, the team noted that the retail sector saw the most pronounced shift in the growth of net-leased properties in 2020, as investors targeted assets with tenants that were deemed essential during the pandemic.
The Home Depot has occupied the Bloomfield property since 1994, JLL said, adding that sales at the location are helped due to limited local competition. The complex sits on more than 11 acres and is adjacent to the Garden State Parkway, with easy access to interstates 280, 78 and 95.